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Is it possible to get credit after a personal bankruptcy?

On Behalf of | Nov 30, 2018 | bankruptcy |

Most people look at filing a bankruptcy as the end. They typically believe that accepting what feels like an extreme solution marks the end of their lifestyle, the end of their good name and the end of ever having access to credit again.

It is true that bankruptcy is an end in that it will put many of your financial hardships to rest once and for all, but it is a beginning as well. Having a fresh financial start is the beginning of a new foundation upon which to continue building your life. While it might be difficult to acquire new credit at first, it is certainly possible if you are patient and careful about your credit options. Below are a few tips Colorado residents can use to begin rebuilding credit in the wake of a bankruptcy filing.

  • Ask a bankruptcy lawyer for advice to ensure that your credit rebuilding efforts will not exceed your finances.
  • Apply for a secured credit line (this means making a deposit upfront) with which to make new purchases.
  • Be sure to pay all or most of your new credit debt as early as possible and never miss a payment or make a late payment.
  • After using your new credit line for a while, take out small personal loans that you can pay back quickly.

When you practice caution and combine all the above tips, your credit score will continue improving on a steady basis. As a result, potential lenders will be more likely to give you additional credit as your finances improve. With the guidance of an experienced lawyer, your personal bankruptcy can be much more of a new beginning than a definitive end.

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